American boat insurance now available for travelers to Cuba

american boat insurance

The United States has now approved a coverage for craft traveling into Cuban waters. American boat insurance is now available to boaters traveling from the United States into Cuban waters. Marine insurance company, Pantaenius, will be offering policies for this situation. This may reduce a considerable barrier to Cuban travel for the purposes of cruising and fishing. While the embargo for travel to Cuba was lifted nearly a year ago, hull insurance had yet to be allowed. When the embargo was lifted, U.S. citizens with a legal reason to travel…

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New inland marine insurance line launches from Berkshire Hathaway

Marine Insurance

This has provided independent agents in this category with a new line of offerings for their customers. Berkshire Hathaway Specialty Insurance (BHSI) has now announced that it has launched a complete new line of inland marine insurance products within the United States, which are meant to be a complement to its existing contractor’s builder’s risk and ocean cargo coverages. There are a range of different products that are being offered within this new line of insurance policies. Among the types of coverage in this new inland marine insurance line are:…

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Munich Re makes a move on marine insurance

Marine Insurance

Reinsurer is moving its marine insurance underwriting to Hong Kong Munich Re, one of the world’s leading reinsurance companies, is beginning to consolidate its marine businesses and has chosen Hong Kong as the center for its underwriting in the Asia Pacific region. The company is following a trend that has seen many insurance and reinsurance companies separate their marine businesses from the traditional property casualty sector. Companies are beginning to be affected in changes in the marine sector and are looking to provide better coverage options to organizations that need…

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Marine insurance sectors continues to struggle from 2012 losses

Marine Insurance

Marine insurance takes a grievous blow from Hurricane Sandy It has been nearly six months since Hurricane Sandy struck the U.S. and losses from the powerful storm are still being reported and tallied. The storm, which hit the East Coast in October 2012, caused widespread flooding throughout several states, but the storm surges created by the storm also had a powerful impact on the marine market, and not just in the U.S., but around the world. The International Union of Marine Insurance has released a new report highlighting the global…

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Armed guards could cut marine insurance costs

Marine Insurance

Marine insurance gaining attention due to EU sanctions As marine insurance continues to grab attention in the world of insurance news – with interest being fueled by the political standoff between the European Union, the U.S., and Iran – one United Kingdom-based insurance broker believes there may be a way for shipping companies to attain affordable coverage despite sanctions. Iran is currently facing sanctions from the EU in regards to oil shipments. According to these sanctions, insurance companies would not be allowed to provide coverage for cargo ships that are…

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EU sanctions against Iran could mark a major shift in the world of insurance

European Union sanctions against Iran’s oil trade are expected to have a significant impact on the marine insurance industry, according to the International Group of P&I Clubs, a consumer association of marine insurance providers. In July, the EU’s sanctions will be enacted and will bar insurance companies from providing coverage to ships that are transporting Iranian oil. Companies that are unwilling to comply with the sanctions or cut ties with the nation are likely to pursue self-insurance, which could weaken the industry considerably as clients begin to exodus. European insurers…

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Mayhem on the high seas

An attack by Somali pirates came late last week when the maritime bandits hijacked an oil tanker over one thousand miles from the Somalia coast. The seizure of the Greek oil tanker, Irene SL, occurred Wednesday about 200 miles east of the Gulf of Oman; a region that was thought to be safe. This was the second hijacking in this area; causing insurance underwriter’s to re-evaluate the current premiums that ship owners are paying for marine kidnap and ransom coverage. Brokers stated,  “a study last month estimated the total cost…

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